Strategic Direction 4

STRENGTHENING FINANCIAL AND INSTITUTIONAL SUSTAINABILITY – INVESTING IN THE FUTURE

WMU will continue to be diligent in maintaining a strong focus on resource mobilization for its Endowment Fund, operations and fellowships. The Stewards of the Sea campaign will provide impetus for resource mobilization. During the period of the Strategic Plan 2020 – 2023, WMU will ensure steady growth in its revenue and increase its donor base. It will continue to strengthen its capacity to mobilize and attract funding for the University from a wide range of sources, public and private, in order to ensure WMU’s long- term financial sustainability in support of its mission and vision to educate, undertake research, and build global maritime and ocean capacity of the current and future maritime and ocean leaders while supporting sustainable development. The COVID-19 pandemic has presented a challenge in engaging with new donors. However, WMU is developing its plans to be ready to re-engage with donors at the first opportunity to take the fundraising efforts forward. The pandemic will delay the diversification of revenue generation and the increase in the Reserves and Endowment Fund.

To ensure a resource sustainable WMU, the University will continue to streamline, better allocate and manage its internal resources in support of its mission, strategic goals and academic programmes. WMU will continue to improve its organizational efficiency and effectiveness, measuring progress through performance indicators.

OUTCOME 4.1 DIVERSIFY THE GENERATION OF REVENUE

WMU will continue to seek a wider diversification of its revenue streams. This will be achieved through:

mobilizing a broader range of fellowship sponsors; strengthening existing programmes and developing relevant, innovative and costeffective educational programmes, ondemand distance learning programmes and Executive Professional Development Courses;

increasing on-demand research activities that respond to current day and future challenges on maritime and ocean matters; aligning with the international best practices on the management of donated funds; and growing the WMU Endowment Fund, operationalized during the previous Strategic Plan period, with the aim of advancing realistic targets during the 2020 – 2023 Strategic Plan.

In 2019, WMU received funding from repeat donors, first-time donors, and some are one time donors. The WMU funding model is currently and mainly based on donations and students’ tuition and fees. The strategy WMU will follow to attain financial sustainability will be based on ensuring repeat donors continue to provide funding to WMU at the same level they provided in 2019 or increase their funding levels; help first time donors understand the value of their donation and bring them on board to become repeat donors; identify new donors who can help WMU achieve at least one year’s reserve and increase the Endowment Fund to enable WMU to achieve long-term financial independence; and increase sponsored and self-funded students attending WMU both for the MSc and PhD programmes as well as PGDip and international programmes. The ability to attract self-funded students is partially dependent on academic accreditation of WMU by the Government of Sweden which is currently ongoing.

OUTCOME 4.2 IMPROVE ORGANIZATIONAL EFFICIENCY AND EFFECTIVENESS

WMU will continue to improve its organizational efficiency by implementing the best operational practices across the UN system, including IMO. WMU will aim to mainstream the concept of value for money and apply relevant measures such as the utilization of the Enterprise Resource Planning (ERP) system to reduce transaction costs and lower its cost base to ensure lean and efficient operations.

The University will enhance its decision-making and reporting by capturing and analysing strategic data using innovative technological tools such as business analytics and artificial intelligence systems and features.

WMU will manage risks by periodically updating its Risk Register and Risk Management Plan using the Enterprise Risk Management (ERM) tool. The University will strive to take the necessary and relevant measures to mitigate its risks.

In the Strategic Plan 2020 – 2023, WMU will continue to ensure that talent with the right skills and competencies are recruited, retained and developed. The success of the University depends on the contribution of every Staff member. WMU will further provide opportunities for Staff development to strengthen institutional capacities to achieve the mission of the University.

WMU will also enhance its knowledge and information systems and strengthen its Information Communication Technology (ICT) governance to aid the effective delivery of its programme of work. The University library will continue to innovate and play an important role in supporting students and Faculty with respect to the academic programmes and WMU’s expanded Maritime and Oceans agenda, including research, through collection management, reference services, information literacy training, information aggregation, and open access publishing.

OUTCOME 4.3 COMMUNICATIONS, BRANDING AND MARKETING

In the world of digitalization, communications, branding and marketing are key strategies and approaches to ensure the fulfilment of WMU’s mission, as well as to attract donor contributions. WMU will strengthen its communications and marketing functions to increase visibility and influence, as well as advance its brand and presence. WMU will apply the “Communicate for Impact” strategy to highlight its contribution and success stories, raise awareness and disseminate its messages.